Welcome to our dedicated page for Ocean Power Tech news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Tech stock.
Ocean Power Technologies Inc (OPTT) delivers innovative renewable energy solutions and intelligent maritime systems through its wave energy converters and autonomous platforms. This page provides investors and industry professionals with timely updates on strategic developments, operational milestones, and market initiatives.
Access official press releases and curated news covering OPTT’s advancements in wave energy technology, maritime domain awareness solutions, and global project deployments. Key updates include quarterly financial results, strategic partnerships, product innovations, and regulatory developments impacting the renewable energy and maritime sectors.
Bookmark this page to stay informed about OPTT’s progress in converting ocean energy into sustainable power and enhancing maritime security through AI-enabled systems. Regular updates ensure you maintain visibility into the company’s role in shaping offshore renewable energy and autonomous marine operations.
Ocean Power Technologies (NYSE: OPTT) has completed the engineering of Merrows, its AI-capable Maritime Domain Awareness Solution, for deployment in hot climates, such as those in the Middle East and Africa. This development follows successful hot climate deployments in Bahrain and aims to meet the growing demand in these regions. CEO Philipp Stratmann highlighted the excitement about expanding services to these new markets, offering an integrated solution combining PowerBuoys and WAM-Vs.
On May 28, 2024, Ocean Power Technologies (NYSE American: OPTT) announced the completion of a major contractual milestone involving the deployment of multiple unmanned surface vehicles (WAM-Vs) for the US Government. This achievement allows the company to recognize immediate revenue. The milestone is part of recent multi-system deliveries and contract awards. CEO Philipp Stratmann highlighted the successful operation as a testament to the utility of their unmanned surface vehicles and expressed optimism about future operations and shareholder value. For more details, visit Ocean Power Technologies' website.
Ocean Power Technologies (NYSE American: OPTT) has completed successful demonstrations of its Counter Unmanned Underwater Vehicle (CUUV) WAM-V capability.
The demonstrations were held at the Navy League’s Sea Air Space Exhibition and the Association for Uncrewed Vehicle Systems International’s Pacific Pivot Event, showcasing the detection of multiple underwater threats, including singular and swarming micro Autonomous Underwater Vehicles (AUV).
The results will be presented by OPT's Chief Commercial Officer at the International Mine Warfare Technology Symposium in San Diego from May 21-23.
This positions OPT to offer a cost-effective, commercial off-the-shelf (COTS) Uncrewed Surface Vehicles (USV) solution that aligns with the Department of Defense’s Replicator Initiative, potentially reducing operational costs significantly.
Ocean Power Technologies, Inc. (NYSE American: OPTT) announced it is approaching 15MWh of renewable energy production through its PowerBuoys. The recent launch of its Next Generation PB has boosted energy production by combining solar, wind, and wave capabilities. OPT's deployments are backed by government programs and commercial sales to major clients. The CEO highlights the commercial viability of marine energy production for various industries.
Ocean Power Technologies, Inc. successfully demonstrated its Artificial Intelligence capable Maritime Domain Awareness Solution, Merrows, to potential customers through offshore field demonstrations using the Next Generation PowerBuoy. These demonstrations showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the solution, accelerating the sales cycle. The CEO expressed enthusiasm about the milestone and the revenue growth trajectory.
Ocean Power Technologies, Inc. (NYSE American: OPTT) has been awarded a multi-year NOAA ProTech Oceans IDIQ contract, positioning the company as a service provider supporting NOAA's mission. OPT will provide advanced technologies like PowerBuoy® systems and WAM-V® autonomous surface vessels for NOAA's research and operational missions. The contract has a minimum duration of five years with an early potential for several million in revenue per year.
FAQ
What is the current stock price of Ocean Power Tech (OPTT)?
What is the market cap of Ocean Power Tech (OPTT)?
